LONDON (Reuters) – Chinese developer Guangzhou R&F Properties, which has a number of super-sized projects in global cities such as London, saw its Hong Kong offshoot declared in “selective default” on Thursday after it pushed through a bond payment delay.

Credit rating agency S&P Global (NYSE:) took the step after the struggling firm got approval from lenders to delay a $725 million senior unsecured note payment that had been due on Thursday.

“We view the transaction as distressed restructuring tantamount to a default because R&F HK has insufficient resources and limited funding options to repay the maturing notes in whole in the absence of the transaction,” S&P said.

Investors are also being paid less due to the 6-month maturity extension, and 17% lower tender price for one offer option.

S&P said it was keeping the rating R&F’s main parent company, Guangzhou R&F Properties Co. Ltd, unchanged at ‘CC’, because it was not a guarantor of the bond in question, although it warned it could cut it.

“We will further review the credit profiles of Guangzhou R&F and subsidiary R&F HK after we reassess the companies’ financial and liquidity positions,” S&P said.

To significantly increase its low liquidity, the group must overcome many obstacles.

R&F is latest Chinese builder to be facing turmoil. China Evergrande is the most indebted Chinese developer and has defaulted on its obligations late last year. This have pushed the country’s real estate market into crisis.

R&F’s struggles are being watched just as closely though in some of the global cities as it has a number of unfinished mega projects including one on the Thames in London which it bought for 59 million pounds ($80.96 million)in 2018 from another Chinese firm that was facing difficulties at the time.

($1 = 0.7288 pounds)